The Herzfeld Caribbean Basin Fund, Inc. Announces Quarterly Distribution in Stock and Cash

MIAMI BEACH, Fla., Feb. 12, 2024 (GLOBE NEWSWIRE) -- The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the “Fund”) today announced that the Fund will pay a quarterly distribution pursuant to the Fund’s managed distribution policy (the “Policy”) using a combination of shares of common stock and cash.

Quarterly Distribution in Stock and Cash:

The Fund has announced a quarterly distribution to be paid as follows:

Declaration Date	Ex-Date	Record Date	Payment Date	Per Share
02/12/2024	03/26/2024	03/27/2024	05/10/2024	$0.135375

The distribution for stockholders will be paid in cash or shares of our common stock at the election of stockholders. The total amount of cash distributed to all stockholders will be limited to 20% of the total distribution to be paid, excluding any cash paid for fractional shares. The remainder of the distribution (approximately 80%) will be paid in the form of shares of our common stock. The exact distribution of cash and stock to any given stockholder will be dependent upon his/her election as well as elections of other stockholders, subject to the pro-rata limitation.

The number of shares of common stock to be issued to stockholders receiving all or a portion of the dividend in shares of common stock will be based on the volume weighted average price per share of common stock on the Nasdaq Capital Market on April 23, 24, and 25, 2024.

Management believes that the cash and stock distribution will allow the Fund to strengthen its balance sheet and to be in a position to capitalize on potential future investment opportunities.

The schedule above applies to the distribution for stockholders of record on the close of business on the record date.

The details of the distribution will be described in the election form and accompanying materials that will be mailed to stockholders in connection with the distribution not later than promptly following the record date. Election forms must be returned on or before 5:00 p.m. Eastern Time on April 25, 2024 to be effective.